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How are you doing?


There are some questions that you just don't want to answer, even to yourself. If you have been struggling to back winners, you don't want anyone, even a caring loved one, to ask "How are you doing?" Sometimes we just don't want to look at how well we are doing. If we are mounting losses, it's easier to avoid looking at how well you are doing. Indeed, sometimes it can be a distraction. You look at your losses. You feel guilty about them, and then guilt turns into disappointment. You are stuck and paralyzed. You can't think clearly, and now you are in a slump. Unfortunately, everyone eventually must ask and answer the dreaded question, "How well are you doing?" The answer may be unpleasant, but you have to face the facts eventually. You can't live in denial. You can't keep living a life of naive bliss by feeding your betting account every month to avoid looking at how poorly you are doing. It's natural to take such measures, though. We all want to be successful, and it can be devastating to discover that despite our best efforts, we just aren't punting profitably. Sure, it takes time to hone your betting skills, but if you are losing money every day, week or month, you must be doing something wrong.

It is vital to monitor your betting performance on a regular basis. It is useful to keep track of your profit on turnover. It's simple to calculate if you keep records. Always record the dollars won or lost on each bet, then divide the amount won or lost (profit) by the amount bet (turnover).

e.g

Total amount bet: $550

Total Profit: $40

Profit on Turnover (POT): $40/$550 = 7.2%

or

Total amount bet: $550

Total Profit: -$40

Loss on Turnover (LOT): -$40/$550 = -7.2%

As a simple guide a profit on turnover (POT) of 25% or more is very good. 40% or more is exceptional. The professionals work on approximately 10% but they bet in large amounts and 10% of a large amount is still a large amount

Most people make the mistake of basing the performance on the amount of winners they back. BIG MISTAKE. While it's important to back winners consistently, it doesn't matter one iota if you back 40 out of 100 winners if you make a loss. Profit on Turnover is the yardstick of a successful punter.

What is the best way to maximise POT? Let's look at the professionals. They rate a race, price the field and only back horses that are eqaul to or better than their rated price. That is, in a nutshell, the concept of "value". Rather than back a "good thing" and increase their strikerate (winners/bets), they would rather wait for a better punting opportunity, an opportunity that potentially could provide large profits at a calculated risk. It's not easy. It takes patience, and a strong commitment to study the prices and identify good opportunities. But, in the end, it's worth it. If you carefully select high value bets, you'll bet more profitably and you'll be more satisfied with your performance. Suddenly, you'll find that you'll get on a roll and your profits will increase greatly over time. By carefully monitoring your performance and managing your risk, you'll see your profits reach new highs. So as hard as it is, don't be afraid to ask, "How am I doing?" It's better to find out, change your approach, and make the profits you desire. And when you do, the answer to the question will be an enthusiastic, "I'm doing great!"


Until next time,

Cheers,

The Guru.

# posted by The Guru @ 8:38 PM